Vermont’s pension debts are much bigger than politicians have admitted. The Democrat and Progressive establishment that runs Vermont has used fake accounting to downplay the vast extent of our state’s unfunded obligations.
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5 thoughts on “Video Commentary: Liberals’ fake bookkeeping hid Vermont’s debts”
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I’m not a politically savvy person. When I was in high school we were taught that the electoral college could override the public vote. I gave this thought and lost all interest in politics. But, such said, I’m concerned with the future impact on my retirement by many of the proposed regulations. To me it isn’t logical that legislative members can propose regulations that are against the the Federal and State constitutions and bills of rights and not suffer repercussions related to treason. The Continental Congress would have sentenced such traitors to death. Such speech should be censored because ultimately it leads to a loss of such freedom. In Germany, public speech relating to Nazism or the minimizing of the Holocaust event brings immediate jail time. Why? Because it is considered treason against the people of Germany.
Likewise, false information about the pension plan’s financial state should not be tolerated any less because it is another form of betrayal. It’s a betrayal of the employees of the state as well as the public who will bear the additional taxes to shore up the retiree’s benefits. State employees and retirees should be more concerned about their futures. I marvel that the union isn’t raising questions or raising threats.
Crooks smile when they rob you.
Liars often figure but figures never lie.
It is even worse now. The VT Pension owns a lot of stocks….but I think majority of their investemts are bonds., Bonds have gone up nicely in value with interest rates crashing to all time lows. But the problem is…new money comes in to invest to ….if most of VT’s pension assets are bonds…there is now NO interest to be earned! The Ten year US Treasury…very safe…will yield you nothing…. 0.80% now. A 30 Year Treasury just around 1%…but even worse is that the stock market is now DOWN 20% and Vt;s stock holdings got killed. Stocks down 20% and literally almost NO interest to be earned safely… anywhere…is a disaster…and compounded becauuse you are reaching peak baby boomer Union members wanting to retire and they ALL will be collecting and taking money OUT of the pension invstments. I figure 4-5 years and the chickens will come home to roost. Reality will be the last “at bat” to VT. Liberals…. That is when the only recourse is massive tax increases (try $500 million to start) and most likley with Socialist’s in control…a wealth tax…which will only force MORE people to leave ASAP…. and it will compound till a near financial collapse, in need of a bailout. Federal law has it that States cannot declare bankruptcy. If you are smart, you only have ONE choice…get OUT of VT now…ASAP…get out 100%, or for “six months and a day” to be resident in a low tax & WARM state…even if just a cheap condo. You can’t be a VT resident in 5 years. But good luck selling your house. Any higher end house in VT… is a real suckers bet.
Those with retirement funds in stocks, are still now thrilled with the growth.over the long run.
Bonds and banking are not keeping up with inflation but are a “safe” loss